Good news, jobless poors: The recession is over, according to the billionaire nerds who run Google. Their computers told them so, and now the executives are in New York to spread the word and count their gold bars.
Speaking to reporters this very minute, CEO Eric Schmidt and co-founder Sergey Brin said the Mountain View, California company is through with its recent belt-tightening, which included layoffs and cutbacks in the company's famously posh perquisites. "We're increasing our hiring rate and investment rate in an anticipation of a recovery," Schmidt said, according to Peter Kafka of All Things D, who has been liveblogging Schmidt's meeting with the press.
From our perspective, the low point was somewhere in the spring. Which is why I said worst was behind us in May, June. Noticed recovery "Juneish". The conventional wisdom is that US recessions are 18-24 months. Bernanke sees a recovery too, which we agree with.
Meanwhile, national unemployment stands at 9.8 percent and Alan Greenspan, an actual economist and former Federal Reserve Board chair, predicts the economy will just get worse and then stagnate for a good long while. But he cited absolutely zero Google statistics for his prediction, nor does he get free food and laundry and transportation and snacks and internet access and literally actual trips to Disneyland provided for him free at work, so can you really trust it?